Event Management Software Market

The Cyber Insurance Market is expected to grow from USD 24.9 billion in 2026 to USD 133.4 billion by 2033, reflecting strong industry expansion and registering a CAGR of 27.1% during the forecast period from 2026 to 2033.

Prospects of Event Management Software Market Rise High as Event Planners and Organizers Increasingly Rely on Gamification as an Engagement Tool

Gamification of events enables organizers to enhance the overall experience for the event attendees. The tool of gamification works on the basic mechanism of tailoring the benefits to meet consumer sentiments. This allows them to foster the confidence of attendees, create a comfortable and relaxing atmosphere, and promote effective communication. While most event organizers have been typically leveraging the innovations in gamification for question and answer (Q&A) engagement, social media engagement, teamwork games, social programs, and networking games, the outbreak of COVID-19 has particularly offered a thrust to the adoption of event management software. This is expected to drive the growth of event management software market. There has been a paradigm shift in how the events, and conferences have been working out otherwise, in the wake of the pandemic situation. Virtual events, and conferences thus witnessed a significant rise, particularly in 2020, and entered mainstream post-2020. The growing preference among enterprises to host virtual events is opening lucrative opportunities for event management companies to expand their business, thereby driving the growth of market for event management software.

Heightening Adoption for a Host of Advantages Facilitates Event Management Software Market Expansion

Adoption of event management software is expected to be largely beneficial for marketers. It can potentially help them draw the significant, direct, real-time data to eventually gain actionable business insights right from their own events to further utilize the same to the advantage of organizational development. As such, integration of event management software into the various organizational systems such as marketing automation software, customer relationship management (CRM) systems, payment gateways, accounting software, and collaboration platforms for mining smart business and data insights is growing ubiquitous in business world. Subsequently, while organizations are getting in a better position to align the complete lifecycle of the events with their business objectives, chief marketing officers (CMOs) are managing to gain crucial business insights from the business events. Moreover, on the other hand, behavioural analysis of the event attendees has also been turning out to be a highly preferable method among organizations as a catalyst during the decision making process. This will also remain a strong factor propelling expansion of global market for event management software.

Demand for Services on an Uptrend, Cloud-based Deployment Most Preferred in Event Management Software Market

Demand for software solutions remains high in market for event management software. With more organizations embracing the virtual video conferencing culture, software solutions segment of event management software market will continue to flourish. Besides business enterprises, there has been growing adoption of software solutions across educational institutes as well, which further boosts the growth outlook for market for event management software. Moreover, demand for event management services remains dominant owing to sustained need for managed, professional service providers to craft successful events. Professional vendors providing event management services also help with mitigation of security gaps. Employing a professional service provider also aids in slashing the overall administrative expenses in addition to resource optimization. By the mode of deployment, market for event management software has been segmented into cloud-based, and on-premises. The former has been dominant on the back of its ability to help organizations achieve savings on overall IT costs along with an added benefit of gaining an improved cost structure. However, demand for on-premises deployment is also expected to surge at a notable pace in market for event management software as it offers data security and transparency. It can also be tailored to suit specific business process requisites.

Highest Adoption Rate Seals the Top Spot for North America in Global Event Management Software Market

North America dominated the market in 2020 with largest market share. North America is home to several prominent market players such as Bizzabo, Aventri Inc., and Glue Up, as well as several small and medium enterprises, which bodes well for the growing adoption across the region’s market for event management software. The region is also known for hosting various public events, such as film festivals, marathons, and other events hosted by educational institutions, along with several other private events. According to the findings published by Billboard in June 2018, around 800 music fests are hosted in the US alone, and these events attract over 32 million attendees. The need for efficient management of all such events has been driving the adoption across the region, in turn fueling the expansion of market for event management software here.

On the other hand, market for event management software in Asia Pacific is anticipated to expand at the highest CAGR between 2022 and 2029. The market growth here is clearly attributable to the growing preference for technologically advanced solutions among enterprises in Asia Pacific countries, such as China, and India. Furthermore, the Asia Pacific region has abundant skilled and tech-savvy professionals, who can efficiently utilize the latest software solutions available on the market for event management software. Moreover, the number of SMEs proliferating in the region is also growing significantly, which is likely to bode well for the growth of the region’s market for event management software.

The market for event management software vendors have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market.

Recent Notable Developments

• Market players are also pursuing several other strategic initiatives, including joint ventures, and new product launches, and striking contracts and agreements to strengthen their position in market for event management software.
  
  
• For instance, in April 2020, Hubilo announced the launch of its new virtual event platform designed to help the incumbents of the media and entertainment industry in overcoming the losses encountered due to the cancellation of live events. The platform offers a real-time networking option that allows the attendees to book a seat and bond with people sharing similar interests

Leading Companies   

• Travelers Company
• AXA XL
• Chubb
• American International Group, Inc.
• Beazley Group
• AXIS Capital Holdings Limited
• CNA Financial Corporation
• BCS Financial Corporation
• The Hanover Insurance, Inc.
• Zurich Insurance
• Berkshire Hathway Inc,
• Munich Re
• Lloyd’s of London Ltd
• Aon plc,
• Lockton Companies, Inc,

The Global Event Management Software Market is Segmented as Below:

By Insurance Type:

• Standalone
• Tailored

By Coverage Type:

• First-Party
• Liability Coverage

By Enterprise Size:

• SMEs
• Large Enterprise

By End-use Industry:

• Healthcare
• Retail
• BFSI
• IT & Telecom
• Manufacturing
• Other

By Geographic Coverage:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa